Solid Earnings May Not Tell The Whole Story For Inner Mongolia OJing Science & Technology (SZSE:001269)
Solid Earnings May Not Tell The Whole Story For Inner Mongolia OJing Science & Technology (SZSE:001269)
Inner Mongolia OJing Science & Technology Co., Ltd.'s (SZSE:001269 ) stock didn't jump after it announced some healthy earnings. Our analysis showed that there are some concerning factors in the earnings that investors may be cautious of.
內蒙古奧晶科技股份有限公司's(SZSE:001269)在公佈了一些健康的收益後,該股並未上漲。我們的分析表明,收益中存在一些令人擔憂的因素,投資者可能會謹慎行事。
![earnings-and-revenue-history](https://usnewsfile.moomoo.com/public/MM-PersistNewsContentImage/7781/20240504/0-40c1dc46c1b3df14642871e47264a08f-0-07415140c3923ab77fb8c5e4402fd9f7.png/big)
A Closer Look At Inner Mongolia OJing Science & Technology's Earnings
仔細看看內蒙古奧晶科技的收益
Many investors haven't heard of the accrual ratio from cashflow, but it is actually a useful measure of how well a company's profit is backed up by free cash flow (FCF) during a given period. To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. This ratio tells us how much of a company's profit is not backed by free cashflow.
許多投資者還沒有聽說過現金流的應計比率,但它實際上是衡量公司在給定時期內自由現金流(FCF)在多大程度上支持利潤的有用指標。爲了獲得應計比率,我們首先從一段時期的利潤中減去FCF,然後將該數字除以該期間的平均運營資產。這個比率告訴我們,一家公司的利潤中有多少沒有自由現金流的支持。
That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. While having an accrual ratio above zero is of little concern, we do think it's worth noting when a company has a relatively high accrual ratio. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking.
這意味着負應計比率是一件好事,因爲它表明該公司帶來的自由現金流超出了其利潤所暗示的範圍。儘管應計比率高於零並不令人擔憂,但我們確實認爲,當公司的應計比率相對較高時,值得注意。值得注意的是,有一些學術證據表明,總的來說,高應計比率對短期利潤來說是個壞兆頭。
For the year to March 2024, Inner Mongolia OJing Science & Technology had an accrual ratio of 0.40. Statistically speaking, that's a real negative for future earnings. To wit, the company did not generate one whit of free cashflow in that time. In the last twelve months it actually had negative free cash flow, with an outflow of CN¥75m despite its profit of CN¥503.5m, mentioned above. Coming off the back of negative free cash flow last year, we imagine some shareholders might wonder if its cash burn of CN¥75m, this year, indicates high risk. However, that's not all there is to consider. We can see that unusual items have impacted its statutory profit, and therefore the accrual ratio.
在截至2024年3月的一年中,內蒙古奧晶科技的應計比率爲0.40。從統計學上講,這對未來的收益來說確實是負面的。換句話說,該公司在那段時間內沒有產生一點自由現金流。在過去的十二個月裏,它實際上有 負面的 自由現金流,儘管利潤爲5.035億元人民幣,但流出量仍爲7500萬元人民幣,如上所述。在去年自由現金流爲負的背景下,我們想象一些股東可能會懷疑其今年7500萬元人民幣的現金消耗是否表明存在高風險。但是,這還不是要考慮的全部。我們可以看到,不尋常的項目影響了其法定利潤,從而影響了應計比率。
That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates.
這可能會讓你想知道分析師對未來盈利能力的預測。幸運的是,您可以單擊此處查看根據他們的估計描繪未來盈利能力的交互式圖表。
The Impact Of Unusual Items On Profit
不尋常物品對利潤的影響
Unfortunately (in the short term) Inner Mongolia OJing Science & Technology saw its profit reduced by unusual items worth CN¥103m. In the case where this was a non-cash charge it would have made it easier to have high cash conversion, so it's surprising that the accrual ratio tells a different story. It's never great to see unusual items costing the company profits, but on the upside, things might improve sooner rather than later. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And, after all, that's exactly what the accounting terminology implies. If Inner Mongolia OJing Science & Technology doesn't see those unusual expenses repeat, then all else being equal we'd expect its profit to increase over the coming year.
不幸的是(在短期內),內蒙古奧晶科技的利潤因價值1.03億元人民幣的不尋常項目而減少。如果這是一筆非現金費用,則可以更輕鬆地實現高現金轉換,因此令人驚訝的是,應計比率講述了一個不同的故事。看到不尋常的項目使公司利潤付出代價從來都不是一件好事,但從好的方面來看,情況可能遲早會好轉。我們調查了數千家上市公司,發現不尋常的物品本質上往往是一次性的。而且,畢竟,這正是會計術語的含義。如果內蒙古奧晶科技沒有看到這些不尋常的支出重演,那麼在其他條件相同的情況下,我們預計其利潤將在來年增加。
Our Take On Inner Mongolia OJing Science & Technology's Profit Performance
我們對內蒙古奧晶科技盈利表現的看法
In conclusion, Inner Mongolia OJing Science & Technology's accrual ratio suggests that its statutory earnings are not backed by cash flow, even though unusual items weighed on profit. Having considered these factors, we don't think Inner Mongolia OJing Science & Technology's statutory profits give an overly harsh view of the business. In light of this, if you'd like to do more analysis on the company, it's vital to be informed of the risks involved. To help with this, we've discovered 2 warning signs (1 is concerning!) that you ought to be aware of before buying any shares in Inner Mongolia OJing Science & Technology.
總之,內蒙古奧晶科技的應計比率表明,儘管不尋常的項目打壓了利潤,但其法定收益沒有現金流支持。考慮到這些因素,我們認爲內蒙古奧晶科技的法定利潤對該業務的看法並不過於嚴厲。有鑑於此,如果你想對公司進行更多分析,了解所涉及的風險至關重要。爲了幫助解決這個問題,我們發現了 2 個警告信號(1 個令人擔憂!)在購買內蒙古奧晶科技的任何股票之前,你應該注意這一點。
In this article we've looked at a number of factors that can impair the utility of profit numbers, as a guide to a business. But there is always more to discover if you are capable of focussing your mind on minutiae. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks that insiders are buying to be useful.
在本文中,我們研究了許多可能削弱利潤數字效用的因素,以此作爲業務指南。但是,如果你能夠將注意力集中在細節上,總會有更多值得發現的地方。例如,許多人認爲高股本回報率表明商業經濟狀況良好,而另一些人則喜歡 “追隨資金”,尋找內部人士正在購買的股票。儘管可能需要代表你進行一些研究,但你可能會發現這份免費收集的擁有高股本回報率的公司,或者這份內部人士正在購買的股票清單很有用。
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。